Good friends in (HHS) high places, and the mind-boggling salaries of insurance executives

This year the NAIC welcomed a historically large group of highly qualified participants into its consumer representative program.  Not a moment too soon. Some of the “near term” (fast track) provisions of PPACA (health care reform) have to be implemented as early as this coming September, and the NAIC is right at the center of the action.
Commissioners and staff at the NAIC and at HHS are hard at work on the standards and rules, and this year’s top-notch NAIC consumer rep group is right there helping them.  It’s exciting to be part of the group, and that old friends of our organization are now at HHS getting this important work done.  Congratulations to Jay Angoff and Kevin Lucia. 

The horrors of the Gulf Coast oil spill are still unfolding, insurance issues will abound.  An easy way to track them is to read Chip Merlin’s always excellent blog;

If you’re falling asleep at your desk, this will wake you up: In 2009, while record numbers of Americans were losing their homes in foreclosures, State Farm CEO Ed Russ, Jr. earned $4,538 PER HOUR ($9.4 million/year.)  And Chubb CEO John D. Finnegan earned $9,212 PER HOUR ($19.1 million/year.) More details at  Or check the AFL-CIO’s Corporate Watch website here (scroll down, and click on INSURANCE CARRIERS to see details.) Appreciation to Florida colleague Joe Vacarro for sharing this enlightening information…Stay tuned for more Bach Talk in the next print issue of What’s UP – coming your way in late June/early July.

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Date: July 21, 2024